China’s aluminum prices reach a new seven-month high
SHFE two-month aluminum prices closed the overnight session at a seven-month high of 14,320 yuan per mton ($1,843 per mton, excluding VAT), holding just above this level in after-hours trading. Prices remained buoyed by rising alumina prices and speculative buying and found additional support from expectations of new economic stimulus after today’s economic data indicated weaker-than- expected domestic industrial production and fixed asset investment in April. SHFE aluminum prices attempt to consolidate above an interim resistance threshold.
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